Yum! Brands, Inc. : Yum Brands Promotes Financial Chief Carucci To President
05/01/2012| 10:52am US/Eastern
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Yum Brands Inc. (YUM) has promoted Rick Carucci to the role of president, taking over the position from David C. Novak, who will remain chief executive.
Carucci, 54 years old, has been the company's chief financial officer since 2005. In his new position, he will oversee the leaders of the company's Taco Bell, KFC and Pizza Hut units in the U.S., Yum Restaurants International and the corporate finance division. The CEOs of the China and India operations report to Novak.
Novak called Carucci, along with Sam Su--who is chairman and chief executive of Yum China--instrumental partners to running the business. Both Su and Novak, who has served as chief executive of the company since 2000, have committed to the board that they will be actively involved in the leadership of the company in the coming years.
"With Rick Carucci's promotion, we have created a management triumvirate to best leverage scale and capitalize on our aggressive growth opportunities in emerging markets including China, India, Russia, Africa, France and Germany," said Novak, who was 59 as of a recent regulatory filing.
Before becoming chief financial officer, Carucci was the financial chief and head of development in the international division. Carucci has held previously general management responsibility for the company's businesses in various countries in South America, Asia, the Middle East and North Africa.
Patrick Grismer, 50, was named to replace Carucci as chief financial officer. He was previously the company's chief planning and control officer.
Yum recently said its first-quarter earnings rose 73%, though economic challenges in China--the biggest contributor to the company's earnings--post a threat to the profitability potential there.
Shares were recently up 1.4% to $73.73. The stock is up 25% so far this year.
-By Kristin Jones; Dow Jones Newswires; 212-416-2208; kristin.jones@dowjones.com
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